DASTY vs SDGR: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DASTY and SDGR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DASTY and SDGR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Dassault Systemes SE is a Paris-based software company, listed on Euronext Paris (ticker DSY) and available to US investors as the DASTY American Depositary Receipt. It sells the tools manufacturers and life-sciences companies use to design, simulate, build and manage products: CATIA for 3D design in aerospace and automotive, SIMULIA for simulation, DELMIA for manufacturing operations, ENOVIA for product lifecycle management, SOLIDWORKS for small and mid-sized engineering firms, and Medidata, acquired in 2019 for ~$5.8 billion, which runs clinical-trial data for drugmakers. These products increasingly sit on a common cloud platform the company calls 3DEXPERIENCE, which it frames as a "virtual twin" of a product, a factory or even a patient. Revenue in 2025 was ~EUR 6.24 billion (~$7.1 billion), up ~4% in constant currency, with non-IFRS operating margins around 32% and non-IFRS diluted EPS of ~EUR 1.31. Pascal Daloz has been chief executive since 2024, succeeding long-time leader Bernard Charles, who remains chairman.

Full DASTY guide

Schrödinger, Inc. has been building molecular simulation software since 1990, and its core products (Maestro, Glide, FEP+) predict how a candidate molecule will bind to a protein target before anyone synthesises it. Pharmaceutical and materials science customers license the platform, which produced ~$32.5 million of software revenue in the June 2026 quarter. The company also runs a second business that most software vendors do not: it uses its own platform to design drugs, then monetises them through collaborations, spin-outs and equity stakes rather than selling them itself. Eli Lilly's acquisition of Ajax Therapeutics, a company Schrödinger co-founded, for up to ~$2.3 billion produced a ~$45.9 million mark-up on Schrödinger's holding plus a ~$10 million milestone in Q2 2026. In September 2026 the same playbook repeated with Tectora Therapeutics, formed alongside New Enterprise Associates and RA Capital with a ~$55 million Series A, into which Schrödinger contributed two early-stage immunology programs for equity, milestones and royalties.

Full SDGR guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• DASTY drivers: Subscription and cloud transition; Industrial Innovation and aerospace demand.
• SDGR drivers: Bunsen and the agentic AI product cycle; The hosted licensing transition and annual contract value.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Revenue growth has slowed to the low-to-mid single digits, and a further guidance cut would likely weigh on a stock that has already de-rated sharply. For SDGR, the core software business is decelerating at precisely the moment the stock is being repriced for acceleration, and net dollar retention of ~100% means the installed base is no longer expanding on its own.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick DASTY if you believe its drivers more; SDGR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DASTY and SDGR guides.

DASTY. Figures are approximate and in euros, the company's reporting currency; USD conversions assume roughly 1.15 to 1.17 dollars per euro. Non-IFRS EPS excludes acquisition amortisation and share-based compensation, so IFRS EPS is materially lower (~EUR 0.90 in 2025), and the trailing multiple depends heavily on which basis a data provider uses. Third-quarter 2026 results are expected in late October 2026, with Q3 guidance of ~EUR 1.50B to 1.54B in revenue, and the ArisGlobal deal is excluded from the current outlook.

SDGR. Full-year 2025 revenue was ~$256 million, up ~23%, so the trailing-twelve-month figure of roughly ~$259 million represents near-flat growth over the last four quarters even as ACV climbed. GAAP profitability is not a useful signal here: quarterly net income swung from a ~$60.0 million loss in Q1 2026 to a ~$6.0 million profit in Q2 depending on how the equity stakes are marked, while adjusted EBITDA ran at about negative $114.9 million for 2025. At $23.26 on October 16, 2026, backing out net cash leaves roughly ~$1.4 billion of enterprise value, which the market is applying to a software franchise that generated ~$200 million in 2025 and shrank last quarter. Third-quarter results are expected around November 4, 2026.

Headline figures (approximate, October 2026): DASTY shows revenue (fy2025) ~EUR 6.24B (~$7.1B), +4% cc, 2026 revenue guidance ~EUR 6.30B to 6.42B (+3% to 5% cc), non-ifrs operating margin ~32% (2026 guide 32.2% to 32.6%), non-ifrs diluted eps ~EUR 1.31 (2025); 2026 guide EUR 1.30 to 1.34; SDGR shows revenue (ttm) ~$259 million, q2 2026 revenue ~$58.9 million, up ~8% year over year, software revenue (q2 2026) ~$32.5 million, down ~10%, net income (ttm) ~-$54 million; Q2 2026 adjusted EPS -$0.42 vs -$0.67 expected.

DASTY and SDGR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DASTY and SDGR exposure against your real portfolio. It is not an investment adviser.